StockNews.com Initiates Coverage on Aspen Technology (NASDAQ:AZPN)

StockNews.com began coverage on shares of Aspen Technology (NASDAQ:AZPN) in a research report released on Thursday morning. The firm issued a hold rating on the technology company’s stock.

Several other research analysts also recently commented on the company. Berenberg Bank downgraded Aspen Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Robert W. Baird lifted their price target on Aspen Technology from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Loop Capital raised their target price on shares of Aspen Technology from $204.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Bank of America lifted their target price on shares of Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Piper Sandler raised their price target on shares of Aspen Technology from $217.00 to $240.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Aspen Technology has an average rating of “Hold” and an average price target of $253.00.

Aspen Technology Stock Performance

NASDAQ:AZPN traded down $0.04 during mid-day trading on Thursday, reaching $247.00. The stock had a trading volume of 149,554 shares, compared to its average volume of 226,569. The firm has a 50 day moving average price of $235.80 and a two-hundred day moving average price of $215.15. Aspen Technology has a one year low of $171.25 and a one year high of $249.91.

Aspen Technology (NASDAQ:AZPN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.54). Aspen Technology had a negative net margin of 3.26% and a positive return on equity of 2.81%. The business had revenue of $215.90 million during the quarter, compared to analysts’ expectations of $265.04 million. During the same period last year, the company posted $0.96 EPS. Aspen Technology’s revenue for the quarter was down 13.4% on a year-over-year basis. On average, sell-side analysts predict that Aspen Technology will post 6.68 earnings per share for the current fiscal year.

Insider Activity at Aspen Technology

In other Aspen Technology news, Director Jr. Robert M. Whelan sold 1,000 shares of Aspen Technology stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $219.10, for a total transaction of $219,100.00. Following the sale, the director now directly owns 8,540 shares of the company’s stock, valued at approximately $1,871,114. The trade was a 10.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Investment Management Corp of Ontario purchased a new position in Aspen Technology during the third quarter valued at $214,000. HighTower Advisors LLC lifted its position in Aspen Technology by 5.5% during the 3rd quarter. HighTower Advisors LLC now owns 3,221 shares of the technology company’s stock valued at $763,000 after acquiring an additional 167 shares during the period. Aureus Asset Management LLC purchased a new stake in Aspen Technology in the third quarter worth about $223,000. Paloma Partners Management Co bought a new position in shares of Aspen Technology during the third quarter valued at approximately $11,217,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Aspen Technology during the third quarter valued at approximately $116,000. Hedge funds and other institutional investors own 45.66% of the company’s stock.

About Aspen Technology

Aspen Technology, Inc provides industrial software that focuses on helping customers in asset-intensive industries worldwide. The company’s solutions address complex environments where it is critical to optimize the asset design, operation, and maintenance lifecycle. Its software is used in performance engineering, modeling and design, supply chain management, predictive and prescriptive maintenance, digital grid management, and industrial data management.